Gold
Price of gold is under pressure since last night. Fed concluded its meet last night and thankfully there was no Trump factor in FOMC’s tone and Fed kept interest rate unchanged. Gold prices slipped from 1224$ to test 1217$ again last night. Even before announcement market anticipated Fed wont change its stance and continued pressure on precious metals.
Interestingly dollar index did not pressure gold price last night but selling pressure of traders is cause of lower price today. Currently dollar trading near its major resistance of 94.55, if market breaks and sustain above this level. Then expect further rise in greenback upto 94.90- 95.20.
Support in US dollar stands at 93.80, Below this bears will have upper hand up to 93.50- 93.20.
This week isn’t over yet, We have Bank of England inflation, monetary policy and BOE governor speech. We have even more important data of Non farm employment tomorrow. Non farm data would give a clear outlook of US economy for upcoming days. It is no.1 indicator in our list to determine the course of US economy.
Currently gold prices trading at 1218$, A good support now stands at 1210$, If traders break and sustain below this level. Then expect further pressure in xauusd up to 1200$- 1191$.
Resistance in gold price chart stands at 1228$, If traders break and sustain above our resistance. Then expect mild short covering in xauusd up to 1234$- 1239$.
Silver
Price of silver is under pressure since its tested 15.56$. After FOMC announcement to kept interest rate unchanged. Currently prices are trading at 15.40$, A good base on this major commodity stands at 15.30$, If market break and sustain below this level. Then expect further pressure in xagusd up to 15.05$- 14.80$.
A good resistance on silver chart stands at 15.68$, If traders break and sustain above our resistance. Then expect mild short covering up to 15.92$- 16.12$.
Crude oil
Price of crude oil crashed after US inventories surprise last night. US crude oil inventories numbers were up at 3.8M vs -6.1M previous. Market was not expecting this much from inventories and it caused a crash in prices. Currently oil is struggling near 67$, A good base on this major commodity stands at 66.50$, If traders break and sustain below this level. Then expect further pressure up to 65.70$- 65$.
A good resistance in this major commodity chart stands at 68.29$, If market break and sustain above our resistance. Then expect further recovery up to 68.90$- 69.90$.
Euro
Euro trading lower since last night. Currently trading at 1.1650, A good base on this major forex pair stands at 1.1600, If traders break and sustain below this level. Then expect further pressure up to 1.1550- 1.1520.
A good resistance on this forex pair stands at 1.1690, If market break and sustain above our resistance then expect euro to test up to 1.1730- 1.1770.
Conclusion: Precious metals and Crude oil is in weak zone, Avoid buying in these commodities. Euro is in weak zone as well. We have BOE event today so wait for that to take major positions.
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